11,069 Broadcom Inc. $AVGO Shares Purchased by ICICI Prudential Asset Management Co Ltd

ICICI Prudential Asset Management Co Ltd lifted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 25.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 54,670 shares of the semiconductor manufacturer's stock after acquiring an additional 11,069 shares during the quarter. Broadcom accounts for about 1.9% of ICICI Prudential Asset Management Co Ltd's investment portfolio, making the stock its 11th largest holding. ICICI Prudential Asset Management Co Ltd's holdings in Broadcom were worth $19,200,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AVGO. NerdWallet Wealth Partners LLC increased its position in Broadcom by 2.6% during the second quarter. NerdWallet Wealth Partners LLC now owns 1,057 shares of the semiconductor manufacturer's stock valued at $399,000 after acquiring an additional 27 shares during the last quarter. Veery Capital LLC lifted its holdings in Broadcom by 1.4% in the second quarter. Veery Capital LLC now owns 1,900 shares of the semiconductor manufacturer's stock valued at $718,000 after acquiring an additional 27 shares during the period. Ridgeline Wealth Planning LLC boosted its position in Broadcom by 2.1% in the second quarter. Ridgeline Wealth Planning LLC now owns 1,302 shares of the semiconductor manufacturer's stock worth $492,000 after purchasing an additional 27 shares during the last quarter. Meridian Management Co. boosted its position in Broadcom by 0.3% in the first quarter. Meridian Management Co. now owns 9,425 shares of the semiconductor manufacturer's stock worth $2,917,000 after purchasing an additional 28 shares during the last quarter. Finally, Arkansas Financial Group Inc. grew its stake in shares of Broadcom by 3.5% during the 2nd quarter. Arkansas Financial Group Inc. now owns 866 shares of the semiconductor manufacturer's stock valued at $327,000 after purchasing an additional 29 shares during the period. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Stock Performance

AVGO traded down $17.35 during midday trading on Friday, reaching $347.01. The company had a trading volume of 31,579,948 shares, compared to its average volume of 26,761,208. The company has a quick ratio of 2.29, a current ratio of 2.50 and a debt-to-equity ratio of 0.57. The business has a 50-day moving average of $345.39 and a two-hundred day moving average of $366.55. The company has a market cap of $1.66 trillion, a P/E ratio of 44.32 and a beta of 1.49. Broadcom Inc. has a 1 year low of $289.77 and a 1 year high of $495.00.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, topping the consensus estimate of $3.22 by $0.10. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The firm had revenue of $29.59 billion for the quarter, compared to the consensus estimate of $29.24 billion. During the same quarter last year, the company earned $1.69 earnings per share. The business's revenue for the quarter was up 85.5% compared to the same quarter last year. As a group, equities research analysts predict that Broadcom Inc. will post 10.20 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were issued a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Monday, September 21st. Broadcom's dividend payout ratio is currently 33.21%.

Wall Street Analyst Weigh In

AVGO has been the subject of several research reports. Cantor Fitzgerald upped their price target on shares of Broadcom from $525.00 to $600.00 and gave the company an "overweight" rating in a research report on Thursday, September 3rd. Evercore set a $578.00 price objective on shares of Broadcom and gave the stock an "outperform" rating in a report on Thursday, September 3rd. Rothschild & Co Redburn lowered shares of Broadcom from a "buy" rating to a "neutral" rating and cut their target price for the company from $595.00 to $398.00 in a research report on Friday. Piper Sandler initiated coverage on shares of Broadcom in a report on Wednesday, September 9th. They set an "overweight" rating and a $460.00 target price for the company. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $475.00 price target (up from $450.00) on shares of Broadcom in a research report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $525.19.

Key Stories Impacting Broadcom

Here are a few of the latest stories about AVGO:

• Positive Sentiment: Broadcom could benefit as cloud providers diversify beyond NVIDIA and invest in custom AI chips. The company designs custom ASICs for hyperscalers, and Anthropic’s disclosed spending commitments have been cited as support for Broadcom’s growth outlook. Anthropic’s S-1 strengthens the case for Broadcom’s AI growth
• Positive Sentiment: Despite Rothschild & Co Redburn’s downgrade, the articles note that Wall Street’s average price target remains around $533, above the firm’s new $398 target. This suggests some analysts still see substantial upside. Is Rothschild & Co Redburn Wrong to Give Up on Broadcom?
• Negative Sentiment: Rothschild & Co Redburn cut AVGO to Neutral from Buy and lowered its price target by 33%, from $595 to $398. It flagged risk from Broadcom’s growing exposure to AI financing arrangements, including reliance on AI companies such as Anthropic and OpenAI that are not yet self-funding. Broadcom stock falls as firm flags AI financing risks

Broadcom Profile

Broadcom Inc. is a global technology company that designs and supplies semiconductor products and infrastructure software. Its semiconductor portfolio includes chips and components used in networking, broadband communications, wireless connectivity, data storage, and industrial applications. The company serves businesses across a range of industries, including communications, enterprise technology, and consumer electronics. Broadcom also provides infrastructure software, including products for virtualization, cloud computing, cybersecurity, and enterprise operations.

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